Nebraska Pre-incorporation Agreement of Professional Corporation of Attorneys

State:
Multi-State
Control #:
US-01944BG
Format:
Word
Instant download

Description

A corporation may be organized for the business of conducting a profession. These are known as professional corporations. Doctors, attorneys, engineers, and CPAs are the types of profes¬sionals who may form a professional corporation. Usually there is a designation P.A. or P.C. after the corporate name in order to show that this is a professional association or professional corporation.


This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.

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  • Preview Pre-incorporation Agreement of Professional Corporation of Attorneys
  • Preview Pre-incorporation Agreement of Professional Corporation of Attorneys
  • Preview Pre-incorporation Agreement of Professional Corporation of Attorneys
  • Preview Pre-incorporation Agreement of Professional Corporation of Attorneys

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FAQ

: a corporation organized by one or more licensed individuals (such as a doctor or lawyer) especially for the purpose of providing professional services and obtaining tax advantages.

One of the key differences between a corporation and a professional corporation is that the shareholders of a professional corporation must be licensed professionals who are authorized to provide professional services in their respective fields. This requirement does not apply to a regular corporation.

The owners of a professional corporation are not liable for the debts and obligations of the business. In addition, one owner is also not personally liable if another owner commits malpractice, which is a key motivation for forming a professional corporation.

While traditional corporations their professional corporations are mostly similar, there is one key difference: with professional corporations (such as C Corps), owners are protected from legal claims made against their business, unless the claim was a result of the owner's own mistake.

A professional service corporation is different from a professional corporation, as the former is set up under specific regulations provided by the Internal Revenue Service (IRS). For example, one of the provisions of the IRS is that employee-owners should hold more than 10% of the corporation's equity.

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Nebraska Pre-incorporation Agreement of Professional Corporation of Attorneys